The spreading global financial crisis and economic slowdown are having bigger negative impact on Chinese economy, vice premier Zhang Dejiang said on a weekend inspection tour to central province of Hubei.
Zhang, who aims to learn about performance of the industrial sector during the trip, urged the local officials to give strong support to key enterprises and sectors and also small and medium-sized enterprises and labor-intensive businesses.
China's annual economic growth rate slowed sharply to 9 percent in the third quarter, from 10.4 percent in the first half, because of slower growth in exports and property investment.
Economic data for October, including industrial output and exports, had showed the economic situations were deteriorating further.
The Chinese government unveiled early the month a 4 trillion yuan (586 billion yuan) stimulus package to spur economic growth on rising worries a further slowdown would drive up unemployment rate.
The vice premier also called to adjust industry, products and corporate governance structures to improve the market competitive edge of local businesses.
Zhang, who inspected carmakers, steel, textile, and high-tech companies in cities of Wuhan and Huangshi from Nov. 21 to 24, urged speeding up technological and management innovation to reduce production costs and improve corporate earnings.
(Xinhua News Agency November 24, 2008)
